ICE Cotton Futures Rose, Helped By Optimistic Outlook For Sino US Trade Agreement

In October 22nd, foreign currency futures (ICE) cotton futures closed up on Tuesday and were boosted by optimism surrounding the Sino US trade talks.


ICE cotton contract rose 0.11 cents in December, and the settlement price was 64.67 U.S. dollars per pound. The trading range is 63.96-65.2 cents.


LouisBarbera, partner and analyst at VLMCommoditiesLtd, said: "we heard the good news about soybeans, corn and wheat. Therefore, we expect that the cotton market will be strong in the next few weeks, and the important 200 day moving average will take 68 cents to the top. We think the market is close to that price. "


"From the perspective of China's demand, the trend of all varieties will be consistent, and investor sentiment will also be coordinated."


So far this year, cotton prices have fallen by about 10%, which has been the result of persistent trade disputes between China and the United States. The two countries are the largest cotton producers and the largest producer.


Le Yucheng, Vice Minister of foreign affairs of China, China advocates Sino US relations based on coordination, cooperation and stability. He believes that there is no unresolved differences between China and the United States as long as mutual respect and equal cooperation are mutually respected.


In the weekly crop growth report on Monday, the US Department of agriculture (USDA) said that the growth rate of cotton growth rose to 41% in the week ending October 20th, compared with 38% in the previous week and 34% in the same period last year.


Cotton harvest rate was 40% in the week, 32% in the previous week, 38% in the same period last year, and 35% in five years.


The total volume of futures market decreased by 11548 to 17643 hands. Total trading positions decreased by 226 to 237609 hands on the previous trading day.


As of October 21st, the number of cotton futures contracts for the 2 phase ICE deliveries dropped to 9162 packages, the 10435 day on the previous day.